Grab Loses Second Top Executive in Six Months as President Quits

(Bloomberg) -- Grab Holdings Ltd. President Ming Maa is leaving the Southeast Asian ride-hailing and food delivery company, the second top executive to step down in the past six months.

Most Read from Bloomberg

• OpenAI Board Urged by Microsoft, Investors to Restore Altman

• Altman Sought Billions For Chip Venture Before OpenAI Ouster

• SpaceX Starship Explodes Though Craft Reached New Milestones

• OpenAI Negotiations to Reinstate Altman Snag Over Board Role

• Silicon Valley Boardroom Coup Leads to Ouster of an AI Champion

Maa, 46, is leaving at the end of April to “to devote more time to family matters” in the US and other interests, the company said in a statement. He’ll work on corporate development activities until his departure.

Grab this month posted its first-ever profit on adjusted basis, a milestone for the decade-old company trying to convince investors of its earnings potential. While Grab leads Southeast Asia’s ride-hailing and delivery markets, it has yet to reach net income as it’s forced to keep spending to fend off rivals such as Indonesia’s GoTo.

The company won’t replace Maa as other senior managers will assume the role’s responsibilities.

In May, co-founder Tan Hooi Ling said she’d step down from her operational roles by the end of the year. Tan will formally leave the board from Dec. 31, Grab said Tuesday. She’ll be an adviser to Grab for an initial period of two years starting from Jan. 1 2024, and has agreed not to sell more than 50% of her stake before Jan. 1, 2025.

Shares of Grab, which had been one of Southeast Asia’s hottest startups, are down about two-thirds since it went public through a US blank-check company in late 2021. Still, they’ve stabilized this year as its losses narrowed, outperforming its main regional rivals.

Read More: Uber of Asia’s 70% Tumble Shows Limits of Singapore’s Tech Dream

Most Read from Bloomberg Businessweek

• The Share of Americans Who Are Mortgage-Free Is at an All-Time High

• The Impact and Cost of Musk’s Endorsement of Antisemitism on X

• Sequoia Icon Michael Moritz Bets $300 Million on Reshaping San Francisco

• Why America’s Wind Power Failures Are Good for GE

• More Americans on Ozempic Means Smaller Plates at Thanksgiving

©2023 Bloomberg L.P.